Dubai’s virtual asset regulator, the Virtual Asset Regulatory Authority (VARA), has unveiled digital asset marketing and promotion guidelines applicable to any entity using Dubai-based media sites and publishing channels. The guidelines “will ensure factual accuracy, explicitly demonstrate any promotional intent, and in no way mislead the guaranteed nature of their returns.”
Dubai Licensed VASP Guidelines
Dubai’s virtual asset regulator, the Virtual Asset Regulatory Authority (VARA), recently announced the guidelines governing the marketing and promotion of digital assets. According to a Khaleej Times reportthe guidelines reflect the regulator’s mission to provide a legal framework that brings economic opportunity without compromising market security.
According to the report, VARA’s guidelines encompass “all forms of outreach, communication and advertising, including disclosure, outreach, customer engagement and/or investor solicitation.” They also extend to all marketing-related virtual assets by any entity using Dubai-based media sites and publishing channels that specifically target customers in Dubai.
The report adds: “The guidelines further detail the obligations of Dubai-licensed VASPs. [virtual assets service providers] and all advertising platforms that position VA [virtual assets] content across traditional and new-age media channels for the Dubai market to ensure factual accuracy, explicitly demonstrate any promotional intent, and never mislead the guaranteed nature of their returns.
Guidelines Ensure users get the necessary information before making a decision
Remarking on the announcement of VARA’s Advertising Guidelines, Kokila Alagh, Founder of KARM Legal Consultants, said “the regulations will go a long way to ensuring that users have the necessary information before making their decisions.” Faisal Zaidi, co-founder and CMO of Crypto Oasis, said the announcement ensures companies in the digital asset industry are acting appropriately, helping to protect consumers and investors.
Atul Hegde, the founder of YAAP is quoted in the report describing the move as “boding well for Dubai’s ambitions to be among the world’s top destinations for crypto, blockchain and the metaverse.”
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